Aircraft lessors post strong quarterlies
Dublin-based aircraft lessors Avolon and Aercap have both reported strong first quarters, with profits of hundreds of millions of dollars each.
Listed on the New York Stock Exchange, AerCap said that it generated net income of $234.2m (€208.6m) for the first quarter.
While the figure was below the $265.4m net income in the first quarter of 2018, AerCap's diluted earnings per share for the latest quarter beat consensus estimates. It came in a $1.68 per share, compared to analyst expectations of $1.62.
The company, the world's biggest aircraft lessor, said that its lease revenue was $1.16bn in the first quarter, compared to $1.12bn in the first three months of 2018. It said the increase was due to the delivery of new technology aircraft to customers.
AerCap CEO Aengus Kelly welcomed the performance, saying the company's scale and information advantage continue to enable it to consistently deliver "superior economic results".
The company has a fleet of 1,400 owned, managed and on-order aircraft.
Avolon, headed by CEO Domhnal Slattery, said that it generated a profit of $176m (€156.8m) in the first quarter, a 16pc increase on the figure for the first three months of 2018. Its lease revenue dipped 4pc to $616m (€548.7m).
The company, the world's third-largest aircraft lessor, had a fleet of 951 owned, managed and on order jets at the end of the quarter.
Mr Slattery said that Avolon's performance during the first three months of the year was underpinned by another active quarter of aircraft trading.
The company sold 20 aircraft in the period, including 10 regional jets.
Since the end of the quarter, Avolon has also secured an investment grade ratings profile, ahead of an expected time frame.